MNA vs. AGG
Compare and contrast key facts about IQ Merger Arbitrage ETF (MNA) and iShares Core U.S. Aggregate Bond ETF (AGG).
MNA and AGG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MNA is a passively managed fund by New York Life that tracks the performance of the IQ Merger Arbitrage Index. It was launched on Nov 17, 2009. AGG is a passively managed fund by iShares that tracks the performance of the Bloomberg U.S. Aggregate Bond Index. It was launched on Sep 22, 2003. Both MNA and AGG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MNA vs. AGG - Performance Comparison
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MNA vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 0.89% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.09% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Returns By Period
In the year-to-date period, MNA achieves a 0.89% return, which is significantly higher than AGG's 0.09% return. Over the past 10 years, MNA has outperformed AGG with an annualized return of 2.66%, while AGG has yielded a comparatively lower 1.66% annualized return.
MNA
- 1D
- -0.66%
- 1M
- -0.52%
- YTD
- 0.89%
- 6M
- 0.67%
- 1Y
- 5.14%
- 3Y*
- 4.93%
- 5Y*
- 2.06%
- 10Y*
- 2.66%
AGG
- 1D
- 0.07%
- 1M
- -1.33%
- YTD
- 0.09%
- 6M
- 0.78%
- 1Y
- 4.05%
- 3Y*
- 3.62%
- 5Y*
- 0.24%
- 10Y*
- 1.66%
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MNA vs. AGG - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than AGG's 0.03% expense ratio.
Return for Risk
MNA vs. AGG — Risk / Return Rank
MNA
AGG
MNA vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and iShares Core U.S. Aggregate Bond ETF (AGG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| MNA | AGG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.02 | 0.93 | +0.09 |
Sortino ratioReturn per unit of downside risk | 1.56 | 1.32 | +0.23 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.76 | +0.63 |
Martin ratioReturn relative to average drawdown | 9.41 | 4.89 | +4.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MNA | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.93 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.04 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.31 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.60 | -0.24 |
Correlation
The correlation between MNA and AGG is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
MNA vs. AGG - Dividend Comparison
MNA has not paid dividends to shareholders, while AGG's dividend yield for the trailing twelve months is around 3.95%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
AGG iShares Core U.S. Aggregate Bond ETF | 3.95% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
Drawdowns
MNA vs. AGG - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for MNA and AGG.
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Drawdown Indicators
| MNA | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -18.43% | +1.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -2.52% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -10.74% | -17.82% | +7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -18.43% | +1.75% |
Current DrawdownCurrent decline from peak | -1.12% | -2.30% | +1.18% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -2.71% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.91% | -0.35% |
Volatility
MNA vs. AGG - Volatility Comparison
IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.81% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.67%. This indicates that MNA's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 1.67% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.55% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.04% | 4.37% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 6.07% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 5.39% | +1.16% |